“Top countries are projected to produce twice the limit on oil, gas and coal required to meet Paris climate agreement goals.”
“The coronavirus pandemic has sent global energy demand plummeting, and led many analysts and oil executives to conclude that a transition away from fossil fuels is marching nearer. But a new United Nations report says the world's leading fossil fuel producers still appear set on expanding their output to levels that would send temperatures soaring past global climate goals.
The report, published Wednesday by the U.N. Environment Program and written by researchers from several universities, think tanks and advocacy groups, looked at national plans and projections for fossil fuel production. It found that top producing governments were set to produce twice as much oil, gas and coal by 2030 as would be consistent with limiting global warming to 1.5 degrees Celsius, the more ambitious goal of the Paris climate agreement. The countries are on track to expand output by 2 percent per year, the report said, while production needs to decline by about 6 percent per year to meet the Paris goal.
The government projections that underpin the U.N.'s second annual Production Gap Report were published mostly before the pandemic transformed global energy markets and sent fossil fuel production down by about 7 percent this year. But while this sharp drop, and trillions of dollars in government stimulus programs, present an opportunity to shift the global energy system, far more money has been directed toward activities that encourage burning fossil fuels than toward reducing emissions.”